New York, Sept. 5 - Wells Fargo continued on top of the league table of trustees for high-yield bonds for the year to date, according to data compiled by Prospect News.
So far this year, Wells Fargo has been trustee for $48.18 billion in 87 deals, giving it a 23.8% share of the market.
Wells Fargo took first place in April and has stayed on top of the league table since then.
As for the year through July, Bank of New York Mellon Trust Co. was second and U.S. Bancorp was third. The gap between the two is now a decisive $5 billion, or nearly 2.5% of the market. Earlier in the year the two banks were running neck and neck.
The tables cover high-yield bond deals offered in the United States via a registration with the Securities and Exchange Commission or under Rule 144A.
Trustee, U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 48.183 | 87 | 23.80% | 3 | 38.303 | 71 | 20.21%
|
| 2 | BNY | 35.772 | 71 | 17.67% | 1 | 41.443 | 76 | 21.86%
|
| 3 | USB | 30.848 | 80 | 15.24% | 4 | 31.318 | 77 | 16.52%
|
| 4 | Wilmington | 12.027 | 33 | 5.94% | 5 | 25.908 | 45 | 13.67%
|
| 5 | Deutsche Bank | 5.875 | 8 | 2.90% | 6 | 4.650 | 4 | 2.45%
|
| 6 | Regions | 1.300 | 2 | 0.64% |
|
| 7 | American Stock Transfer & Trust Co. | 1.198 | 5 | 0.59% | 10 | 0.450 | 2 | 0.24%
|
| 8 | Law Debenture Trust Co. | 0.720 | 1 | 0.36% | 8 | 1.300 | 3 | 0.69%
|
| 9 | BB&T | 0.700 | 1 | 0.35% |
|
| 10 | Scotia | 0.500 | 1 | 0.25% | 11 | 0.429 | 2 | 0.23%
|
| Total | 202.415 | 477 | 189.569 | 397 |
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| Trustee, U.S. market, August |
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| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 2.083 | 5 | 16.90% | 2 | 5.303 | 10 | 17.99%
|
| 2 | BNY | 1.815 | 6 | 14.72% | 1 | 9.160 | 14 | 31.08%
|
| 3 | USB | 1.317 | 4 | 10.69% | 5 | 3.202 | 7 | 10.86%
|
| 4 | Wilmington | 0.959 | 4 | 7.78% | 4 | 3.228 | 4 | 10.96%
|
| 5 | Deutsche Bank | 0.500 | 1 | 4.06% |
|
| Total | 12.329 | 40 | 29.469 | 53 |
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| Prospect News High Yield Trustee Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Convertibles, trust preferreds, capital securities and preferred stock are excluded.
• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.
• Offerings are included in the time period in which they price.
• Amounts are based on the total sales price (face amount multiplied by the offering price).
• Units made up of a bond and a warrant are included; other units are excluded.
• Sovereign issues are excluded.
• Each tranche is counted as a separate deal.
• Passthroughs, collateral trust and equipment trust certificates are included.
• Best efforts and non-underwritten deals are excluded as are remarketings.
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